German tour operator TUI AG has warned Greek hoteliers it may switch to
paying them in drachma if their crisis-stricken country leaves the euro.

The company has written to hotel partners asking them to sign contracts
spelling out the possible new arrangements, a TUI spokesman has
confirmed.

'As a responsible company, we should protect ourselves for a potential
exit of Greece from the euro zone,' spokesman Robin Zimmermann said on
Sunday, adding TUI's Nordic unit had sent a letter to the hoteliers.

Core industry: Tourism is key for Greece's economy and accounts for about a fifth of gross domestic product

He was confirming a report in Germany's Bild newspaper, which quoted the letter as saying: 'If the euro should no longer be the currency... TUI is entitled to pay the sum of money in the new currency. The exchange rate shall be made at the exchange rate set by the government.'

The President of the Greek Tourist Board, Andreas Andreadis, told Bild that several Greek hoteliers had received the letter from TUI and were asked to sign it.